Portfolio Update

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 30 November 2021 and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Months

Year

Years

Years

Net asset value

-0.9%

6.0%

5.3%

34.3%

59.7%

60.0%

Share price

-2.9%

10.3%

-3.6%

41.6%

62.3%

53.6%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

101.98p

Net asset value cum income1:

103.97p

Share price:

96.70p

Discount to NAV (cum income):

7.0%

Net yield:

4.1%

Gearing - cum income:

5.8%

Total assets:

£120.8m

Ordinary shares in issue2:

116,218,357

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.25%

1 Includes net revenue of 1.99p. 2 Excluding 2,747,643 ordinary shares held in treasury. 3 Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2020. The Manager has also undertaken to cap the Company’s ongoing charges by way of a management fee rebate to ensure that these do not exceed 1.25% of net asset value per annum.

Sector Overview

Mining

42.8%

Traditional Energy

33.6%

Energy Transition

24.1%

Net Current Liabilities

-0.5%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

21.6

Global

53.4

Industrial Minerals

5.4

USA

18.2

Copper

5.3

Canada

11.0

Gold

4.1

Latin America

5.9

Steel

2.4

Australia

3.7

Diamonds

1.2

Germany

2.0

Iron

1.0

Russian Federation

1.4

Platinum

0.9

South Africa

1.3

Nickel

0.9

France

1.0

Subtotal Mining:

42.8

Chile

0.9

India

0.9

Ireland

0.8

Net Current Liabilities

-0.5

Traditional Energy:

-----

E&P

13.4

100.00

Integrated

13.3

=====

Refining & Marketing

3.3

Distribution

1.9

Oil Services

1.7

Subtotal Traditional Energy:

33.6

Energy Transition:

Energy Efficiency

9.9

Electrification

7.3

Renewables

4.2

Transport

2.7

Subtotal Energy Transition:

24.1

Net Current Liabilities

-0.5

----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current liabilities figure shown in the tables above therefore exclude bank overdrafts equivalent to 5.3% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Vale

Latin America

Equity

3.8

Bond

2.1

Glencore

Global

5.8

Chevron

Global

4.6

BHP

Global

3.9

Anglo American

Global

3.5

First Quantum Minerals

Global

Equity

2.2

Bond

1.3

ConocoPhillips

Global

2.7

EDP Renovaveis

Global

2.3

Total

Global

2.2

Enel

Global

2.1

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s Net Asset Value (NAV) per share decreased by 0.9% during the month of November (in Sterling terms with dividends reinvested). Traditional energy equities fell back in November as the US announced a plan to co-ordinate a release of 50million barrels of oil from the Strategic Petroleum Reserve (SPR), together with releases from China, India, South Korea, Japan and Britain with the aim of dampening oil prices, which had reached over $80bbl. Towards the end of the month the emergence of a new Omicron variant of Covid-19, contributed to the 7th largest one-day fall in oil prices, on concerns about the potential impact to oil demand in 2022 should virus-related movement restrictions be reintroduced. This news impacted global equity markets, with the MSCI AC World Index falling by 2.5%. Jerome Powell was nominated for a second term as Chair of the US Federal Reserve. Volatility in natural gas prices continued and natural gas prices fell by 17.2% over the month, but remain at elevated levels compared to recent years and 60% higher than at the start of the year. Tightness in the supply of natural gas continues to support these higher prices given the limited scope for additional gas supply into European and Asian markets this winter. The Brent and WTI (West Texas Intermediate) fell by 11.7% and 20.8%, ending the month at $70/bbl and $66/bbl respectively. Within the mining sector, China’s year-on-year industrial production growth was relatively soft at 3.5%, whilst the country’s steel production continued to decline. Bulk commodity prices were weak, with the iron ore (62% fe(iron)) price falling by a further 6.6% over the month, ending at $106/tonne. Meanwhile, energy market shortages eased, causing thermal coal prices to decline along with some of the more energy-intensive commodities, such as aluminium. Elsewhere in the base metal space, the copper price was down by 3.0% but the physical market remained very tight, with copper for immediate delivery trading at a significant premium. Within the energy transition space, COP26 took place during the month, where leaders from around 200 countries convened in the hope to take decisive actions to limit global warming. There was agreement to cut 30% of methane emissions by 2030, to shift away from coal use and end deforestation by 2030. In a joint statement the US and China pledged to co-operate on climate change. US President Biden also signed the $1trillion infrastructure bill into law, which includes investment into grid infrastructure to accommodate higher levels of renewable electricity generation. In clean transportation, Nissan announced plans to invest $18billion over the next five years to electrify more models. 16 December 2021

ENDS

Latest information is available by typing www.blackrock.com/uk/beri on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.